Write Off Entirety of New Construction?
Hey Everyone,
I'm a young business owner and have made a good amount of money this year. I'm looking at reinvesting this money into real estate in a way that provides a substantial tax write off.
I am very interested in constructing a new, short-term rental tiny home. I wanted to know - is it possible to take out a construction loan and write off the new construction costs to lower taxes for my business this year? I know that typical purchase of real estate is written off as yearly depreciation, but can I write off all the new construction costs at one time?
Thanks for the help!